Acquity Group Ltd. became the second Chinese company in 2012 to raise less than planned in a U.S. share sale as a slowing economy and accounting concerns sent New York-traded stocks lower in the past year.
U.S. stocks rose, erasing last week’s drop, as $21.5 billion in takeovers and valuations near the cheapest level in two years helped the Standard & Poor’s 500 Index extend its best three-day rally since 2009.
U.S. stocks fell, leaving the Standard & Poor’s 500 Index virtually unchanged in 2011 after one of the most volatile years in the market’s history, as concern about Europe’s debt crisis halted a two-year rally in equities. The euro weakened and Treasuries gained.
Sprint Nextel Corp.’s shares are so battered after AT&T Inc.’s $39 billion offer for T-Mobile USA that investors are valuing the third-largest U.S. mobile phone carrier at a discount to its net assets.
Gold climbed for a ninth straight day amid concern the U.S. is getting closer to losing its top credit rating. Oil rallied, extending a third consecutive weekly advance, and the Standard & Poor’s 500 Index rose amid gains in energy and technology shares.
U.S. stocks rose, sending the Standard & Poor’s 500 Index higher for a second day, as gains in energy and consumer shares helped the market recover from an early drop led by disappointing results at Oracle Corp.